The parent company of XTrade and XForex, XFR Financial Ltd, has decided to consolidate its offering and phase out the older brand. The move is a natural progression in the aftermath of a sponsorship deal that was signed by XTrade with Cristiano Ronaldo. The firm has become the first brokerage to market its products through a single football player.
The agreement is likely to have cost a substantial investment, which the parent company of Xtrade is now taking to bigger use after phasing out its XForex brand. The latter was previously operated by OCM Holdings LTD, a Cypriot company that has been renamed ‘XFR Financial Ltd’.
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The CySEC regulated operator of both brokerages has been in business since 2008, when OCM Holdings was founded. The current operator of both brokerages is aiming to substantially boost its operations according to hiring advertisements in Cyprus.
The brokerage is aiming to expand its European operations via on-boarding a number of account managers, customer support and sales associates. In a market that is highly competitive, the company seems to be relying on a more aggressive approach to onboard and retain clients.
Aside from its CySEC license which permits it to operate throughout the European Union, Xtrade also holds a an AFSL license and authorization from the International Financial Services Commission of Belize and a license from Australian watchdog ASIC.